My credit card limits reduced to £100 - why?

CliveOfIndia

enginestar said:

They said there was a problem reported by Experian.
I open a free account with Experian and get my credit score: 999, 8 positives and 0 negatives.

It's possible that this is due to the fact that the free report you see is not updated in real-time - unlike the paid-for data used by lenders.  It would be worth checking again in a week or so and see if there's anything amiss.

But just concentrate on the raw data that's being reported - ignore your meaningless score.

Hoenir

The decision will have been made at executive level to cull inactive accounts. The credit facility you are granted has to offset by capital reserves held by the bank. These reserves are not generating revenue and are in fact costing the bank money. Multiply your situation by thousands of other accounts and soon you'll arrive at a sizable number. Use or lose it as they say.  

Olinda99

the reduction to 100 pounds is nothing to do with your credit report and everything to do with the fact that you are not using the available credit you have been given

Marmaduke123

 Barclays did this to me a few years ago. Just close the accounts and get two new credit cards. Make sure you use them both regularly and gradually build up the credit limits (if you really need it that is).

enginestar

Guys, thanks for the replies.
If Barclays said there was nothing wrong, fine!
But I spoke to them twice and on both occasions they said that Experian had sent them a report saying that there was a report of something negative on my record!!

ASIDE: the Experian report says I have a mortgage AND a loan.
I don't have a loan!! I have a mortgage though - this is not the same as a loan?

According to Experian:

3 credit cards: correct (EDIT I have 3 cards, all with Barclaycard)
1 mortgage: correct
1 loan: incorrect!

So... now super confused!

Nasqueron

Again, talk to whoever is reporting to Experian that you have a loan, Experian just present the data they are given

enginestar

I took out a premium subscription with Experian after not being able to speak to a human.
There was a fake free trial offer on Experian - it wasn't possible for me to get a free trial account despite having only been a new account owner only 2 days ago (never had an account before).

They told me: there was absolutely nothing on my account that was a negative impact, no loan problems, no court judgement - no nothing.

The nincumpoops at Barclaycard said there was 'something' reported to them by Experian that caused them to make their drastic actions and that I need to take it up with Experian.
I feel sooooo angry now. I've been sent on a wildgoose chase by Barclaycard.

Both times when I spoke to Barclaycard I said: what if there was a mistake by Experian and/or Barclaycard??
Both times I was told: never in the history of time has Barclaycard or Experian EVER EVER made a mistake (OK, so I paraphrased! But this is EXACLTY what they said).

In terms of usage that a few people had mentioned in other replies...
I take back some of what I said in my description. In the past 12 months, I must have spent £10k on the cards. (Paid back as quickly as possible within days!) So, they would have made money from having my account!

retiredbanker1

Start a formal complaint with Barclays.
Also, send a DSAR request from Barclays - this should show all information Barclays have about you - you could ask them to just send you the last 3 month's as anything prior to this would not be relevant.

Hoenir

retiredbanker1 said:

Start a formal complaint with Barclays.
Also, send a DSAR request from Barclays - this should show all information Barclays have about you - you could ask them to just send you the last 3 month's as anything prior to this would not be relevant.

Won't reveal the commercially sensitive algoritmn's behind the decision. 

Nasqueron

retiredbanker1 said:

Start a formal complaint with Barclays.
Also, send a DSAR request from Barclays - this should show all information Barclays have about you - you could ask them to just send you the last 3 month's as anything prior to this would not be relevant.

Start a formal complaint over a commercial decision you can't change
Send a DSAR which simply is a record of all your data, not internal data / calculations.